In 2004 only 48 countries contained defined renewable energy policy targets, compared to 144 at the end of 2013. Additionally, new investment in renewables increased from US $39.5 billion in 2004 to $214.4 billion in 2013. Despite the fact that global investment in solar PV declined nearly 22 percent since 2012, new capacity installations increased by more than 27 percent. And solar hot water saw the biggest increase out of all renewables — leaping from 98 GWth to 326 GWth.